,,ii #aaf? ,,congress #b;d ,session ,s4 #dfgf ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,septemb] #bc1 #bjbj,mr4 ,coons 7= himself1 ,mr4 ,c>d91 ,ms4 ,klobu*>1 ,mrs4 ,%ahe51 ,ms4 ,cantwell1 ,mr4 ,m>key1 ,ms4 ,hirono1 ,mrs4 ,gillibr&1 ,mr4 ,van ,holl51 & ,mr4 ,k+7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to improve ! debt relief program "u ! ,,c>es ,act1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,small ,bus9ess ,debt ,relief ,ext5sion ,act ( #bjbj4 #b4 ,subsidy = c]ta9 loan paym5ts 7a7 ,9 g5]al ,section #aaab ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijaa7 is am5d$-- 7#a7 9 subsection 7c7-- 7,a7 9 p>agraph 7#a7-- 7i7 9 ! matt] prec$+ subp>agraph 7,a71 by ins]t+ 1 )\t reg>d to ! date on :i* ! cov]$ loan is fully disburs$ & subject to availability ( funds aft] /atus2 7ii7 by am5d+ subp>agraphs 7,a7 & 7,b7 to read z foll[s3 7,a7 ) respect to a cov]$ loan approv$ by ! ,adm9i/ration be=e ! date ( enactm5t ( ?is ,act & n on def]m5t-- 7i7 except z provid$ 9 clauses 7ii7 & 7iii71 = ! #f-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! cov]$ loan is fully disburs$2 7ii7 = ! #aa-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! cov]$ loan is fully disburs$1 ) respect to a cov]$ loan t-- 7,i7 is describ$ 9 subsection 7a77#a77;,b7 or is a loan gu>ante$ by ! ,adm9i/ration "u section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 o!r ?an a loan describ$ 9 clause 7i7 or 7ii7 ( subsection 7a77#a77;,a72 & 7,,ii7 is made to a borr[] op]at+ prim>ily 9 an indu/ry o!r ?an an indu/ry t is assign$ a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #fa1 #ga1 or #gb2 & 7iii7 = ! #ah-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! cov]$ loan is fully disburs$1 ) respect to-- 7,i7 a cov]$ loan describ$ 9 p>agraph 7#a77;,a77i7 or p>agraph 7#b7 ( subsection 7a72 or 7,,ii7 any cov]$ loan made to a borr[] op]at+ prim>ily 9 an indu/ry t is assign$-- 7aa7 a ,nor? ,am]ican ,indu/ry ,classification ,sy/em code beg9n+ ) #fa1 #ga1 or #gb2 or 7bb7 ! ,nor? ,am]ican ,indu/ry ,classification ,sy/em ,code #dheeaj2 7,b7 ) respect to a cov]$ loan approv$ by ! ,adm9i/ration be=e ! date ( enactm5t ( ?is ,act & on def]m5t-- 7i7 except z provid$ 9 clauses 7ii7 & 7iii71 = ! #f-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! def]m5t p]iod & aft] ! cov]$ loan is fully disburs$2 7ii7 = ! #aa-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! def]m5t p]iod & aft] ! cov]$ loan is fully disburs$1 ) respect to a cov]$ loan describ$ 9 subclause 7,i7 or 7,,ii7 ( subp>agraph 7,a77ii72 & 7iii7 = ! #ah-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! def]m5t p]iod & aft] ! cov]$ loan is fully disburs$1 ) respect to a cov]$ loan describ$ 9 subclause 7,i7 or 7,,ii7 ( subp>agraph 7,a77iii72 & 2 & 7iii7 9 subp>agraph 7,c7-- 7,i7 by /rik+ cov]$ loan made & ins]t+ cov]$ loan approv$ by ! ,adm9i/ration2 7,,ii7 by /rik+ #f mon?s aft] & ins]t+ #ah mon?s aft]2 7,,iii7 by ins]t+ 7or1 = a cov]$ loan made by an int]m$i>y to a small bus9ess conc]n us+ loans or grants receiv$ "u section #g7m7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77 or gu>ante$ by ! ,adm9i/ration "u ! ,community ,advantage ,pilot ,program ( ! ,adm9i/ration1 = ! #ab-mon? p]iod7 aft] #f-mon? p]iod2 & 7,,iv7 by ins]t+ aft] ! cov]$ loan is fully disburs$ aft] due on ! cov]$ loan2 & 7,b7 by add+ at ! end ! foll[+3 7#d7 ,additional provisions = new loans ,) respect to a loan describ$ 9 p>agraph 7#a77;,c7-- 7,a7 ! ,adm9i/rator may fur!r ext5d ! #ah-mon? p]iod describ$ 9 p>agraph 7#a77;,c7 if !re are suffici5t funds to cont9ue ^? paym5ts2 & 7,b7 dur+ ! und]writ+ process1 a l5d] ( su* a loan may consid] ! paym5ts "u ?is section z "p ( a compreh5sive review to det]m9e ! ability to repay ov] ! entire p]iod ( maturity ( ! loan4 7#e7 ,eligibility ,eligibility = a cov]$ loan to receive su* paym5ts ( pr9cipal1 int]e/1 & any associat$ fees "u ?is subsection %all be bas$ on ! date on :i* ! cov]$ loan is approv$ by ! ,adm9i/ration4 7#f7 ,au?ority to revise ext5sions 7,a7 ,9 g5]al ,z "p ( prep>+ ! reports "u subsection 7i77#e7 t are requir$ to be submitt$ n lat] ?an ,janu>y #ae1 #bjba1 & n lat] ?an ,june #ae1 #bjba1 ! ,adm9i/rator conduct an evaluation ( :e!r am\nts made available to make paym5ts "u ?is subsection are suffici5t to make ! paym5ts = ! p]iod describ$ 9 p>agraph 7#a74 7,b7 ,plan ,if ! ,adm9i/rator det]m9es "u subp>agraph 7,a7 t ! am\nts made available to make paym5ts "u ?is subsection are insuffici5t1 ! ,adm9i/rator %all-- 7i7 develop a plan to proportionally r$uce ! numb] ( mon?s provid$ = ea* p]iod describ$ 9 p>agraph 7#a71 :ile ensur+ all am\nts made available to make paym5ts "u ?is subsection are fully exp5d$2 & 7ii7 be=e tak+ action "u ! plan develop$ "u clause 7i71 include 9 ! applicable report "u subsection 7i77#e7 ! plan & ! data t in=ms ! plan4 7#g7 ,rule ( con/ruction ,no?+ 9 ?is subsection %all preclude a borr[] f receiv+ full paym5ts ( pr9cipal1 int]e/1 & any associat$ fees z au?oriz$ by subsection4 2 7#b7 by r$esignat+ subsection 7f7 z subsection 7k72 & 7#c7 by ins]t+ aft] subsection 7e7 ! foll[+3 7f7 ,eligibility = new loans ,= ea* individual l5d+ program "u ?is section1 ! ,adm9i/rator may e/abli% a m9imum loan maturity p]iod1 tak+ into consid]ation ! normal und]writ+ requirem5ts = ea* su* program1 ) ! goal ( prev5t+ abuse "u ! program4 7g7 ,limitation on assi/ance ,a borr[] may n receive assi/ance "u subsection 7c7 = m ?an #a cov]$ loan ( ! borr[] describ$ 9 p>agraph 7#a77;,c7 ( t subsection4 7h7 ,taxability ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7#a7 any paym5t made "u subsection 7c7 %all be treat$ z paid by ! p]son on ^: behalf su* paym5t is made1 7#b7 no am\nt %all be includ$ 9 ! gross income ( ! borr[] by reason ( a paym5t made "u subsection 7c71 & 7#c7 no d$uction %all be d5i$ or r$uc$1 no tax attribute %all be r$uc$1 & no basis increase %all be d5i$1 by reason ( ! exclusion f gross income provid$ by p>agraph 7#b74 7i7 ,report+ & outrea* 7#a7 ,updat$ in=mation 7,a7 ,9 g5]al ,n lat] ?an #g days aft] ! date ( enactm5t ( ! ,small ,bus9ess ,debt ,relief ,ext5sion ,act ( #bjbj1 ! ,adm9i/rator %all make publicly available in=mation reg>d+ ! modifications to ! assi/ance provid$ "u ?is section "u ! am5dm5ts made by su* ,act4 7,b7 ,guidance ,n lat] ?an #ad days aft] ! date ( enactm5t ( ! ,small ,bus9ess ,debt ,relief ,ext5sion ,act ( #bjbj1 ! ,adm9i/rator %all issue guidance on implem5t+ ! modifications to ! assi/ance provid$ "u ?is section "u ! am5dm5ts made by su* ,act4 7#b7 ,publication ( li/ ,n lat] ?an #ad days aft] ! date ( enactm5t ( ! ,small ,bus9ess ,debt ,relief ,ext5sion ,act ( #bjbj1 ! ,adm9i/rator %all transmit to ea* l5d] ( a cov]$ loan a li/ ( ea* borr[] ( a cov]$ loan t includes ! ,nor? ,am]ican ,indu/ry ,classification ,sy/em code assign$ to ! borr[]1 bas$ on ! records ( ! ,adm9i/ration1 to assi/ ! l5d]s 9 id5tify+ :i* borr[]s qualify = an ext5sion ( paym5ts "u subsection 7c74 7#c7 ,education & outrea* ,! ,adm9i/rator %all provide education1 outrea*1 & communication to l5d]s1 borr[]s1 di/rict (fices1 & res\rce p>tn]s ( ! ,adm9i/ration 9 ord] to ensure full & prop] compliance ) ?is section1 enc\rage broad p>ticipation ) respect to cov]$ loans t h n yet be5 approv$ by ! ,adm9i/rator1 & help l5d]s transition borr[]s f subsidy paym5ts "u ?is section directly to a def]ral :5 suitable = ! borr[]4 7#d7 ,notification ,n lat] ?an #cj days aft] ! date ( enactm5t ( ! ,small ,bus9ess ,debt ,relief ,ext5sion ,act ( #bjbj1 ! ,adm9i/rator %all mail a lett] to ea* borr[] ( a cov]$ loan t includes-- 7,a7 an ov]view ( assi/ance provid$ "u ?is section2 7,b7 ! rights ( ! borr[] to receive t assi/ance2 7,c7 h[ to seek rec\rse ) ! ,adm9i/rator or ! l5d] ( ! cov]$ loan if ! borr[] has n receiv$ t assi/ance2 & 7,d7 ! rights ( ! borr[] to reque/ a loan def]ral f a l5d]1 & guidance on h[ to d successfully transition directly to a loan def]ral once subsidy paym5ts "u ?is section are conclud$4 7#e7 ,mon?ly report+ ,n lat] ?an ! #ae? ( ea* mon? beg9n+ aft] ! date ( enactm5t ( ! ,small ,bus9ess ,debt ,relief ,ext5sion ,act ( #bjbj1 ! ,adm9i/rator %all submit to ,congress a report on assi/ance provid$ "u ?is section1 :i* %all include-- 7,a7 mon?ly & cumulative data on paym5ts made "u ?is section z ( ! date ( ! report1 includ+ a breakd[n by-- 7i7 ! numb] ( p>ticipat+ borr[]s2 7ii7 ! volume ( paym5ts made = ea* type ( cov]$ loan2 & 7iii7 ! volume ( paym5ts made = cov]$ loans made be=e ! date ( enactm5t ( ?is ,act & loans made aft] su* date ( enactm5t2 7,b7 ! names ( any l5d]s ( cov]$ loans t h n submitt$ in=mation on ! cov]$ loans to ! ,adm9i/rator dur+ ! prec$+ mon?2 & 7,c7 an update on ! education & outrea* activities ( ! ,adm9i/ration c>ri$ out "u p>agraph 7#c74 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply z if includ$ 9 ! enactm5t ( section #aaab ( ! ,,c>es ,act 7#ae ,u4,s4,c4 #ijaa74